MML Capital Partners ("MML") announces today that its portfolio company, TNT Crane & Rigging ("TNT") has completed the acquisitions of Louisiana-based RTL LLC and the South Texas crane assets of Louisiana Crane Co. LLC.
Following the two acquisitions, TNT now has a fleet in excess of 150 cranes servicing the Gulf Coast from its eight branches in Texas and Louisiana. TNT has made four acquisitions since MMLacquired the company in 2007.
RTL's focus on industrial clients in Louisiana provides an excellent strategic fit for TNT. Moreover, the acquisition of LA Crane's South Texas assets strengthens TNT's position in the San Antonio market and further expands the company's geographic reach.
Commenting on the transactions, Michael Appling Jr., President & CEO of TNT, said: "Since their initial investment, MML has been committed to supporting TNT's growth, both organically and through acquisitions. They are excellent people to work with and enhance value over and above just providing capital. They provide expertise and advice in structuring and negotiating transactions, lend strong operational insight as board members and function as true strategic partners.
Robert M. Davies, a Managing Partner at MML added, "This investment is a real representation of how MML looks to partner with management in building businesses. Mike and the entire TNT team are to be commended for the tremendous job they have done over the past few years. We are also very thankful for the continued support of TNT's senior lenders, JPMorgan Chase and Bank of America, as well as Wells Fargo which joined as part of these latest acquisitions."